After Fashion Wire Daily speculated about the financial stability of Pier 59 Studios, the venue's CEO and chairman, Federico Pignatelli, denied that the space is in trouble. “Pier 59 Studios has never done as well as it is now,” Pignatelli told FWD, and he said the studio's revenues grew 40 percent last year with a pretax profit of $2 million. The studio is currently owned by Santo Versace (brother of the late Gianni), fashion photographer Marco Glaviano, Leonardo Mondadori and Pignatelli, the largest shareholder. Pignatelli also confirmed that he has spoken with the folks at Cipriani about a business deal, but that nothing will happen between the companies. Due to caterer Abigail Kirsch's presence at Chelsea Piers, “there is no need for another catering business,” he said.
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